✨ Value Investing Substack NEWS - THE ATLANTIC RELEASES ARCHIVES (1857-2022)
On Bullshit In Investing, Macron In Kahoots With Uber, Bank of Canada's 75bps Hike, India To Surpass China's Population, UK's Economy Stagnant, Remembering Shinzo Abe, BMW's $18/Month Heated Seats
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SUBSTACKS + LONG-READS + TWEETS
Bullshit in investing, be it wild over-optimism, deception or fraud, is as old as time, precisely because it is hard to resist the promise of easy returns and to tell the difference between innovation and make-believe.
The first step in avoiding being taken for a ride is to recognize that you are a mark for people trying to get rich off your money.
Burn the principle into your brain that financial markets are large and competitive and have a lot of smart people in them.
Easy money-making opportunities are almost never real; professional mercenaries would have found and exploited them first.
High returns with low risk explained away by complicated and nontransparent strategies deserve great scrutiny.
On the institutional side, keep in mind that the world is a relatively small place and tremendous value can be gleaned by asking the views of people close to a particular market or strategy.
Ask questions; be skeptical; do not assume that just because brand-name firms or authority figures are involved that all is well.
LINKS
Stock Markets
Uber Files: Massive leak reveals how top politicians secretly helped Uber
French opposition denounces reports of ‘secret deal’ between Uber and Emmanuel Macron
BMW starts selling heated seat subscriptions for $18 a month
Petronas subsidiaries seized as lawyers press $15bn claim on Malaysia | FT
Macro
ASEAN:
America:
FDA to review first ever over-the-counter birth control pill
Small businesses haven’t been this pessimistic about the economy in 48 years
Asia:
India to surpass China as most populous country in 2023, U.N. report says
China crushes mass protest by bank depositors demanding their life savings back
RBI allows settlement in rupee to settle trade with Russia, Sri Lanka